What the China Life Insurance Mortality Table 2010–2013 Covers
The China Life Insurance mortality table for 2010–2013 is a period life table published by China Life Insurance Company Limited and adopted widely across the industry for pricing and reserving. It reflects age-specific death probabilities for policyholders insured during that period and serves as a benchmark for calculating premium rates, policy reserves, and surrender values. The table draws on actual claims data and population statistics from the relevant years, adjusted to reflect the insurer's portfolio composition and assumed future trends.
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For anyone evaluating Chinese life insurance products, understanding this table is essential. It underpins the pricing logic behind whole life, term, endowment, and annuity products issued during and shortly after the 2010–2013 window. While newer tables have since been introduced, the 2010–2013 version remains a reference point in legacy policy analysis, reserving studies, and regulatory filings.
How the Table Is Structured
Mortality tables are built on a few core components, and the China Life Insurance 2010–2013 table is no different:
- Age: The horizontal axis, typically from birth to age 100 or beyond, with each row representing a single age.
- Number of survivors (lx): The number of lives assumed alive at the start of each age, based on a radix (usually 100,000 or 1,000,000).
- Number of deaths (dx): The expected number of deaths within that age interval.
- Probability of death (qx): The likelihood that a life aged x will die before reaching age x+1.
- Survival probability (px): The complement of qx, used in premium and reserve calculations.
Beyond these fundamentals, the table incorporates select and ultimate mortality rates, reflecting the fact that newly insured lives often experience lower initial mortality. It also includes assumptions for interest rates, expense loads, and profit margins that interact directly with the mortality data.
Why 2010–2013 Mortality Matters for Pricing and Reserves
The 2010–2013 period captures a transitional phase for China's life insurance market. Mortality rates during these years were shaped by improving healthcare access, rising urbanization, and an aging population, all of which influenced the death probabilities embedded in the table. Insurers used these assumptions to set premiums that were both competitive and adequate, balancing affordability for policyholders with the need to build sufficient reserves for future claims.
For regulators and actuaries, the table provides a standardized basis for comparing products across insurers. It also serves as a baseline for evaluating whether newer mortality tables reflect genuine improvements in life expectancy or simply shifting underwriting selection.
Impact on Product Design
The mortality assumptions in the 2010–2013 table directly influenced the design of Chinese life insurance products during that era. Term life products were priced around relatively low mortality at younger ages, while endowment and whole life products carried higher reserves because they guarantee a payout at a specific age or upon death. Annuity products, which depend on both mortality and longevity risk, used the table to model payout streams and longevity tails.
Products issued under the 2010–2013 framework often included guarantees tied to the table's assumed mortality improvement rates. When actual mortality improved more slowly or more quickly than assumed, it created reserve variability that insurers had to manage through hedging, reinsurance, and portfolio adjustments.
Limitations and Context
While the China Life Insurance mortality table for 2010–2013 provides a coherent snapshot, it has limitations. It reflects the insurer's own portfolio experience and may not fully represent the broader Chinese population. It also predates more recent mortality shocks, including the impact of COVID-19 and longer-term trends in chronic disease prevalence. Anyone using this table for modern pricing or reserving must consider whether its assumptions remain appropriate and whether adjustments are needed to reflect current mortality experience.
For legacy policy analysis, the table remains a reliable reference. For forward-looking product design, it serves as a historical benchmark rather than a standalone guide.